From the design phase to achieving inclusive insurance for those who really need it, companies that have embarked on this path must overcome great challenges. This is especially the case in jurisdictions that do not have a regulatory framework that facilitates the development and commercialization of these products. In Bolivia, the Foundation for Productive and Financial Development (PROFIN) found that the key to achieving sustainability lies in being able to design and adapt products and strategies to the needs and interests of both the client and the relevant stakeholders.
PROFIN Foundation is an NGO with more than 20 years of experience in the development of programmes and initiatives that seek to improve the quality of life of people from vulnerable segments in Bolivia through innovation and financial inclusion. In 2018, the Inclusive Insurance Project, funded by Swiss Cooperation, designed and marketed accident insurance for amateur field sports players. Currently, the product has managed to establish itself as a benchmark in the insurance industry, protecting more than 9,000 players and at the same time encouraging other insurers to develop similar products.